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Airwork Holdings will quit the NZX main board on November 15 now that Rifa Jair Company, a unit of China's Zhejiang Rifa Holding, has exercised its compulsory acquisition rights in full takeover over the aviation services firm.
Foreigners got approval to buy $2.7 billion worth of New Zealand assets so far this year, up $1b on this time last year, with the biggest deal being the sale of kiwi plastics business Sistema to American interests. (1-1)
New Zealand shares shrugged off the post-election vacuum to hit a record high today, despite a lack of corporate news, with Tourism Holdings, Synlait Milk and Kathmandu Holdings gaining. (8-1)
New Zealand shares rose, following Asia higher, as blue chip stocks including Spark New Zealand and Fisher & Paykel Healthcare helped drag the benchmark index up, offsetting a bigger number of smaller firms declining.
Airwork Holdings, the Auckland-based aircraft services business, lifted profit 9.5 per cent in the first half as it awaits the outcome of a partial takeover offer from Chinese group Zhejiang Rifa Holding Group.
The NZX has been hit by a serious bout of takeover fever, with bids for Tower and TeamTalk this week. This follows full or partial offers for Abano Healthcare, Airwork Holdings, Antipodes Gold and Hellaby Holdings in recent months and the strong possibility that Tenon will delist after the sale of its main business.
There is widespread apprehension regarding the sale of UDC Finance, the country's largest finance company, to China's HNA Group. This is because UDC is an important lender to domestic industrial companies, because it may have to raise its lending rates and because little is known about the purchaser.
New Zealand shares edged higher, led by A2 Milk Co after it reassured the market about its infant formula business, while Tourism Holdings gained on a US acquisition. Intueri Education Group sank by a fifth after missing out on Australian government funding.
Grant Samuel has come in for a second barracking in the space of a month with HealthCare Partners, which accused the independent adviser of plumping up the valuation of Abano Healthcare.
New Zealand shares rose, led by Infratil and Tegel Group Holdings, while A2 Milk extended its decline.
Zhejiang Rifa Holding Group said it has acceptances for 59 per cent of Airwork Holdings in its partial takeover of the Auckland-based aircraft services business.
Zhejiang Rifa Holding Group has set out its bid for a partial takeover of Airwork Holdings, the Auckland-based aircraft services business, telling shareholders that it will seek to grow Airwork's presence in emerging markets such as Asia and Latin America.
Chinese company Zhejiang Rifa Holding Group (Rifa) has entered an agreement to acquire New Zealand firm Airwork Holdings Limited, a supplier of maintenance, repair, and overhaul (MRO) services for military/commercial helicopters and fixed-wing aircraft and related engines.
First NZ Capital has increased its target price for specialist aviation company Airwork Holdings in response to the takeover lock-up deed between China's Zhejiang Rifa Holding Group (RIFA) and Airwork's major shareholders.
A Chinese company plans to buy 75 per cent of the shares in specialist aviation company Airwork Holdings.